Officials with debts – not uncommon!
Officials are also not immune to debt. It is faster than you might think. Be it for a new house, a new car or a new facility: Statistically speaking, civil servants have to use credit as often as normal employees. But it is much easier for civil servants because their special status makes them attractive borrowers for lending institutions. In fact, there is only a small risk of a loan default, since civil servants are known to have a secure position and high protection against risks such as illness or disability. Here, in particular, it can be interesting for an official to carry out a debt restructuring. Because he can already hope for favorable terms within the loan contract, if the time is chosen correctly, he can save money by repaying outstanding loans with a quick rescheduling.
Debt restructuring for civil servants – a question of opportunity
As mentioned above, civil servants can already hope for more favorable conditions when borrowing. This is, of course, partly due to the great security that this professional group can offer and its special professional status. For this very reason, rescheduling for civil servants only really makes sense if there are more favorable terms for a new loan. This option was rarely the case in the past, but in times of the global economic and currency crisis the low key interest rates of the leading national banks and the Lite Lender make debt restructuring really attractive for civil servants. The historically low interest rates means that new loans only cause a minimum of costs and are therefore in most cases cheaper than the older contracts.
When is the best time and how does debt restructuring work?
Debt restructuring works for civil servants as well as for other consumers. The aim is to replace an existing loan for civil servants with a new and cheaper loan. There are a number of ways to do this. These include the overdraft facility, long-term loans and various consumer loans. The right time is a little more difficult to determine. First and foremost, the appropriate offer must be obtained and compared. Of course, the house bank is recommended as the first point of contact, but other institutes can also offer cheap solutions with individual rates. The individual offers should definitely be compared. And especially in the current economic situation with low key interest rates, it is quick and easy to reschedule as a civil servant.